Browse content similar to 22/07/2016. Check below for episodes and series from the same categories and more!
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This is Business Live from BBC News with Victoria | :00:00. | :00:00. | |
G20 policymakers from leading market economies will meet in Chengdu, | :00:07. | :00:14. | |
And their talks are expected to be dominated by Britain's | :00:15. | :00:19. | |
Live from London, that's our top story on Friday the 22nd July. | :00:20. | :00:41. | |
Policymakers from 20 of the world's largest economies | :00:42. | :00:43. | |
They'll be discussing the thorny issue of trade and protectionism. | :00:44. | :00:53. | |
We'll cross over live to Asia for the latest. | :00:54. | :00:55. | |
Pokemon Go launches in Japan - a day later than expected. | :00:56. | :01:00. | |
Shares in Nintendo have nearly doubled since the game was first | :01:01. | :01:02. | |
We will bring you the latest from the markets with equity landing on a | :01:03. | :01:15. | |
downbeat no -- low towards the end of the week. | :01:16. | :01:16. | |
It's not just Pokemon making the headlines in the world of tech. | :01:17. | :01:19. | |
It's also been a busy week for the social media giant Facebook. | :01:20. | :01:22. | |
We'll get the Inside Track with our very own Rory-Cellan Jones. | :01:23. | :01:27. | |
Later in the programme, we'll also be talking | :01:28. | :01:30. | |
about bosses and the big payouts they often | :01:31. | :01:32. | |
Companies argue that golden handshakes are well deserved. | :01:33. | :01:35. | |
Or should they be scrapped altogether? | :01:36. | :01:40. | |
Let us know, just use the hashtag #BBCBizLive. | :01:41. | :01:55. | |
This weekend something momentous is happening in the world | :01:56. | :01:58. | |
China will be hosting the G20 summit for the very first time. | :01:59. | :02:06. | |
China's presidency of the G20 is greatly anticipated, | :02:07. | :02:10. | |
as it is both the world's second-largest economy and also | :02:11. | :02:13. | |
the largest trading partner of several significant members. | :02:14. | :02:23. | |
One significant memories the UK and its new Chancellor, Philip Hammond | :02:24. | :02:29. | |
has kicked things off by outlining his economic response to the British | :02:30. | :02:34. | |
decision to leave the EU -- one of the significant members is. We | :02:35. | :02:39. | |
understand the significance and unexpected nature of the decision on | :02:40. | :02:43. | |
June has caused turbulence in the markets and we have the tools | :02:44. | :02:46. | |
necessary to respond to that in the short term. The colleagues at the | :02:47. | :02:50. | |
Bank of England will be using the monetary tools at their disposal | :02:51. | :02:56. | |
over the medium-term, giving us the opportunity with our Autumn | :02:57. | :03:00. | |
Statement, our regular late year fiscal event, to reset fiscal policy | :03:01. | :03:13. | |
if we deem it necessary to do so. We can talk to Steven McDonald in | :03:14. | :03:17. | |
Beijing. We just heard from the new UK Chancellor, Philip Hammond, | :03:18. | :03:22. | |
saying he may need to reset fiscal policy. What does it mean? It's a | :03:23. | :03:27. | |
bit of a surprise. The interesting thing is that Philip Hammond is not | :03:28. | :03:30. | |
the only one concerned about the impact of Brexit on the global | :03:31. | :03:34. | |
economy because today we heard the head of the IMF coming out at a | :03:35. | :03:42. | |
press conference and saying that I was really hoping to come along here | :03:43. | :03:47. | |
with a happier outlook for world growth because Japan, China and | :03:48. | :03:50. | |
Europe have actually been doing better than expected given the | :03:51. | :03:54. | |
global economy as it is. I was hoping to do that, but then the UK | :03:55. | :03:59. | |
had to go and Brexit and wreck everything, basically. The IMF has | :04:00. | :04:06. | |
had to downgrade its forecast and off the back of that, the number two | :04:07. | :04:12. | |
leader in China responded by saying that at least China has upped the | :04:13. | :04:18. | |
forecast slightly and he joked that China has a lot of hurdles but we | :04:19. | :04:26. | |
will keep trying to maintain the growth we are driving for the world | :04:27. | :04:30. | |
out of China. He sort of said we could not burden this for ever but | :04:31. | :04:36. | |
we will try our best. Another key global player we have heard from, | :04:37. | :04:43. | |
Donald Trump, speaking overnight in Cleveland, Ohio, while accepting the | :04:44. | :04:50. | |
Republican nomination. The issue of protectionism rearing its head. He | :04:51. | :04:53. | |
said he would get rid of trade deals that destroyed the middle class and | :04:54. | :04:57. | |
that American is not globalism would be the tenant of his foreign policy | :04:58. | :05:02. | |
if he were elected as president. One assumes this is a reference to the | :05:03. | :05:10. | |
TTIP that Barack Obama has tried to negotiate with ten countries around | :05:11. | :05:14. | |
the Pacific Rim. How much will that be on the G20 agenda? This is a | :05:15. | :05:20. | |
nightmare message in terms of the G20 finance ministers because their | :05:21. | :05:23. | |
whole message is one of multilateralism. They are saying | :05:24. | :05:28. | |
that this meeting over the weekend should get world trade back on track | :05:29. | :05:34. | |
to try and bring down barriers, not to build up barriers. Funnily | :05:35. | :05:40. | |
enough, in China, people see the message from Donald Trump as within | :05:41. | :05:45. | |
the framework of a political campaign. I'm not sure that | :05:46. | :05:49. | |
policymakers really believe Donald Trump when he says this, at least | :05:50. | :05:53. | |
through the state media, that's not the message coming out. Funnily | :05:54. | :05:58. | |
enough, in China there isn't really the level of concern over Donald | :05:59. | :06:06. | |
Trump that you might expect, but the G20 finance ministers meeting I can | :06:07. | :06:08. | |
definitely say that people will talk about this over the weekend and | :06:09. | :06:14. | |
wonder how they can promote multilateral is in a world climate | :06:15. | :06:16. | |
when it seems to be going exactly the other way. So much on the | :06:17. | :06:28. | |
agenda. Stephen, thanks. A quick look at some of the other stories. | :06:29. | :06:37. | |
General Motors may be forced to recall another 4.3 million | :06:38. | :06:39. | |
vehicles for potentially defective Takata air bag inflators - | :06:40. | :06:41. | |
It has already recalled nearly two million cars with the defective | :06:42. | :06:45. | |
airbags following instructions from US regulators. | :06:46. | :06:47. | |
The carmaker said it does not believe there is a safety defect | :06:48. | :06:50. | |
Roger Ailes resigned yesterday as chairman and chief executive | :06:51. | :06:54. | |
of Fox News following allegations | :06:55. | :06:55. | |
Mr Ailes did not give a reason | :06:56. | :07:01. | |
for stepping down, saying only that "he'd become a distraction". | :07:02. | :07:05. | |
He's likely to leave with a $40 million pay package | :07:06. | :07:10. | |
and Rupert Murdoch, who owns parent company 21st Century Fox, | :07:11. | :07:12. | |
will take over as acting Chief Executive and Chairman. | :07:13. | :07:15. | |
Nintendo's Pokemon Go has launched in Japan. | :07:16. | :07:19. | |
The unexpected hit has doubled Nintendo's value since its US | :07:20. | :07:21. | |
First released in the US, Australia and New Zealand, | :07:22. | :07:29. | |
the game is now available in more than 30 countries. | :07:30. | :07:40. | |
Have you played? I haven't yet. No, but I have watched people chase | :07:41. | :07:48. | |
around the office and we have footage that later. I will talk | :07:49. | :07:52. | |
about that a bit more with Rory later. Before we go to the markets, | :07:53. | :07:58. | |
a look at the live page. We have had the boss of Heathrow talking this | :07:59. | :08:03. | |
morning, the chief executive, and there will be a lot of debate about | :08:04. | :08:07. | |
what happens to the expansion of Heathrow in the light of Brexit and | :08:08. | :08:12. | |
the new cabinet. He says he's been on the Today programme and says it's | :08:13. | :08:16. | |
too early to say what the impact of leaving the EU will be, but he says | :08:17. | :08:21. | |
that the majority of MPs in Parliament support the building of a | :08:22. | :08:24. | |
new runway at Heathrow and there is good support in the Cabinet for | :08:25. | :08:27. | |
Heathrow to get the go-ahead. Plenty more on the live page. We've also | :08:28. | :08:32. | |
seen a rise in passenger numbers as well. It normally runs at 97% | :08:33. | :08:40. | |
capacity. The issue of needing more airspace is a huge issue in the UK | :08:41. | :08:42. | |
for a while. We'll start by crossing over | :08:43. | :08:44. | |
Michelle Fleury in New York. No slowdown in the earnings parade. | :08:45. | :08:55. | |
This Friday, big names in corporate America turning their report card. | :08:56. | :09:03. | |
Despite tough conditions in its oil and gas company General Electric is | :09:04. | :09:07. | |
expected to turn on a solid performance. The industrial | :09:08. | :09:10. | |
conglomerate is often seen as good barometer of the broader economy | :09:11. | :09:13. | |
because it has a hand in so many businesses from health care to | :09:14. | :09:18. | |
commodities. Wall Street is also predicting a dip in second-quarter | :09:19. | :09:21. | |
revenue for American Airlines. Brexit has hurt the world's largest | :09:22. | :09:27. | |
airline lowing the value of sterling sales after converting back into | :09:28. | :09:31. | |
dollars. Another cloud hanging over the airline is how the Brexit bow to | :09:32. | :09:36. | |
leave the EU will impact its lucrative London route. And for | :09:37. | :09:39. | |
those interested in the health of the US oil industry, the latest | :09:40. | :09:42. | |
drilling rig count numbers are due out. Michelle therein New York. | :09:43. | :09:48. | |
Joining us is Jane Sydenham, Investment Director, | :09:49. | :09:49. | |
Great to see you. Is the dust beginning to settle? Do we begin to | :09:50. | :10:01. | |
understand what the economy is looking like both here, in the UK | :10:02. | :10:06. | |
and for those countries that trade heavily with us, since the vote to | :10:07. | :10:12. | |
leave the EU? We've only had a few scraps of data in a short period of | :10:13. | :10:15. | |
time because most of them are up to the end of June, but what they | :10:16. | :10:19. | |
indicate is that with the economy it hasn't fallen off a cliff. Life goes | :10:20. | :10:24. | |
on and that is beginning to stabilise sterling. We had some | :10:25. | :10:31. | |
reasonable statistics from Europe and obviously the European Central | :10:32. | :10:36. | |
Bank has decided not to add further stimulus to the system at the | :10:37. | :10:40. | |
moment. They are keeping the firepower back and the UK have done | :10:41. | :10:44. | |
the same, so at the moment we seem to be watching and waiting and | :10:45. | :10:47. | |
things looked like they might be deteriorating a bit. Those are the | :10:48. | :10:50. | |
expectations but it's not disastrous. It's not bad by any | :10:51. | :10:57. | |
sense. We seem to be in a holding pattern in terms of central bank | :10:58. | :11:02. | |
action at the moment. I did protect -- detect a note of irritation from | :11:03. | :11:07. | |
Christine Lingard, the head of the IMF about what Brexit has done to | :11:08. | :11:15. | |
the forecast. Yes. Pre-Brexit economies were settling down from a | :11:16. | :11:21. | |
rough early part of the year. We were settling down, and then | :11:22. | :11:25. | |
suddenly this flight comes into the ointment in the form of Brexit and | :11:26. | :11:30. | |
everything is thrown off track and we have do pull back and make sure | :11:31. | :11:34. | |
it's not going to derail any growth. There was a bit of irritation. Of | :11:35. | :11:40. | |
course, a key driver in all of the market jitters we saw lately has | :11:41. | :11:44. | |
been the fluctuations we saw in some of the currencies, particularly | :11:45. | :11:50. | |
sterling. Are we beginning to see that find a holding pattern? It | :11:51. | :11:58. | |
seems to be settling down at around 1.3 two. That is quite an | :11:59. | :12:07. | |
adjustment. A 10% adjustment is a big adjustment in foreign currency | :12:08. | :12:10. | |
terms. We have to wait and see what happens from here. How much of that | :12:11. | :12:14. | |
is to do with the strength of the dollar and the fact we are seeing | :12:15. | :12:19. | |
some fairly robust growth in the US and, dare I say it, decoupling from | :12:20. | :12:23. | |
what is going on with the rest of the world? It seems fairly isolated. | :12:24. | :12:29. | |
Yes, I think there is a general weakness in sterling but if you step | :12:30. | :12:33. | |
away from the UK then the dollar has strengthened against the euro and we | :12:34. | :12:39. | |
have had good corporate results and the employment numbers are good and | :12:40. | :12:42. | |
manufacturing is looking better. So, yes there is strength there and of | :12:43. | :12:47. | |
course the stock market in the US has continued to power up. And here | :12:48. | :12:54. | |
in the UK we have the PMI data coming out later, a further | :12:55. | :12:57. | |
indication as to how the economy is doing. | :12:58. | :13:03. | |
Still to come: We have our technology editor Rory Cellan-Jones | :13:04. | :13:06. | |
You're with Business Live from BBC News. | :13:07. | :13:10. | |
MPs are calling for Sports Direct to review the way the business | :13:11. | :13:13. | |
is run after accusing it of failing to treat its workers | :13:14. | :13:16. | |
A report has concluded that the founder Mike Ashley, | :13:17. | :13:20. | |
may have turned a blind eye to what were described | :13:21. | :13:23. | |
Theo Leggett joins us in our Business Newsroom. | :13:24. | :13:34. | |
Some pretty damning comments in here, including some comparisons to | :13:35. | :13:42. | |
Victorian workhouses. Absolutely. This is a scathing report. It says | :13:43. | :13:46. | |
appalling working conditions and practices both in the shops and at | :13:47. | :13:53. | |
its main warehouse in Derbyshire. Closer to a Victorian workouts than | :13:54. | :13:57. | |
a modern, reputable high street retailer. It goes on to say that the | :13:58. | :14:01. | |
Sports Direct business model involves treating workers as | :14:02. | :14:04. | |
commodities rather than human beings. It says low-cost products | :14:05. | :14:10. | |
for customers and shareholders came at the cost of working conditions | :14:11. | :14:15. | |
which fell way below acceptable standards, Mike Ashley, the founder | :14:16. | :14:20. | |
and majority shareholder, must be held accountable. There are hearings | :14:21. | :14:24. | |
last month when Mike Ashley appeared before MPs and we heard a number of | :14:25. | :14:29. | |
accusations about what was going on. This included staff being penalised | :14:30. | :14:35. | |
for taking breaks to drink water, serious health and safety breaches | :14:36. | :14:38. | |
and ambulances having to be called frequently, including in one case | :14:39. | :14:41. | |
per woman who gave birth in a company toilet. | :14:42. | :14:42. | |
MPs now say it's incredible that Mike Ashley, who visits the | :14:43. | :14:52. | |
warehouse weekly, was unaware of the practices. The biggest criticism | :14:53. | :14:56. | |
comes in the two agencies working on behalf of Sports Direct unemployed | :14:57. | :15:03. | |
workers. MPs say they did not seem to have a basic understanding of | :15:04. | :15:09. | |
employment law. The committee does say that although Mr Ashley, as they | :15:10. | :15:13. | |
put it, had to be dragged kicking and screaming before the committee, | :15:14. | :15:17. | |
once there he was open and willing to engage. Briefly, what happens | :15:18. | :15:22. | |
now? The committee says it will hold his feet to the fire and visit the | :15:23. | :15:26. | |
where Brett -- warehouse to see what is going on and other government | :15:27. | :15:30. | |
agencies may be involved. HM RCR already looking at the company. | :15:31. | :15:31. | |
Theo, good to talk to you. One quick story, it looks like | :15:32. | :15:39. | |
the Competition and Markets Authority is not going to get in the | :15:40. | :15:44. | |
way of the merger between the home retail group and Sainsbury's, so a | :15:45. | :15:46. | |
relief for the retailer. You are watching the business Live. | :15:47. | :15:58. | |
Finance ministers and central bank governors from G20 nations will meet | :15:59. | :16:02. | |
in China this weekend. It's the last minister level meeting before the | :16:03. | :16:06. | |
G20 Summit kicks off in September and top of the agenda will be trade, | :16:07. | :16:10. | |
protectionism and what Brexit means for the rest of the world. Brexit is | :16:11. | :16:22. | |
never far from our thoughts. It has been dominating peoples thoughts, | :16:23. | :16:30. | |
one thing,. It really has. Probably the biggest deal of the year in the | :16:31. | :16:36. | |
industry, one that sees Japan take control of a prized British asset. | :16:37. | :16:41. | |
Speaking of Japan, Pokemon Go launched in the last 24 hours in | :16:42. | :16:45. | |
Japan, and by all accounts the country has gone crazy along with | :16:46. | :16:48. | |
the rest of the world. We were talking about two of the US tech | :16:49. | :16:53. | |
giants who were buying to take control, so it's all going on. We | :16:54. | :17:00. | |
are talking with our technology guru, Rory Selin Jones. Great to see | :17:01. | :17:06. | |
you. Before we get onto Pokemon Go and world domination, can I talked | :17:07. | :17:15. | |
about what is happening with ARM? It's an extraordinary company, the | :17:16. | :17:18. | |
UK's most successful in Tech over the last 25 years but even in the UK | :17:19. | :17:22. | |
people are not that familiar but it makes the chips that go in these | :17:23. | :17:27. | |
smartphones, your tablet, just about every mobile device. It doesn't | :17:28. | :17:32. | |
manufacture them, it designs them. The design is the key. | :17:33. | :17:46. | |
That has caused big debate in the UK. The government says it is a vote | :17:47. | :17:55. | |
of confidence in the UK. Big debate abound Japan's Softbank. Softbank | :17:56. | :17:59. | |
has made bold bets on a number of businesses. It bought a robotics | :18:00. | :18:03. | |
business in France and has done well with that. It bought a mobile firm | :18:04. | :18:07. | |
in the US. That is not going so well. Heavily indebted. Its leader | :18:08. | :18:14. | |
is incredibly bold. He likes to make these big bets. He says this is a | :18:15. | :18:20. | |
big bet on the future. The rest of his investors are not so sure. | :18:21. | :18:26. | |
Shares fell 10% this week. He believes in the singularity, where | :18:27. | :18:28. | |
the machines take control. Maybe he is trying to by some of those | :18:29. | :18:35. | |
machines first. Talking of machines, you cannot walk through London at | :18:36. | :18:38. | |
the moment without bumping into people doing what you are doing, on | :18:39. | :18:45. | |
the smartphones. I can't do it in the studio because there is no GPS | :18:46. | :18:49. | |
signal. Yes, Pokemon Go, we can't stop talking about it. An | :18:50. | :18:52. | |
extraordinary phenomenon in mobile gaming. And of course, Pokemon is a | :18:53. | :18:57. | |
huge ebony 's cultural phenomenon and now it is launching in Japan. -- | :18:58. | :19:03. | |
a huge Japanese cultural and Manon. They had a bit of a whit. These | :19:04. | :19:08. | |
pictures are not in Japan. These are backed people in our office! That is | :19:09. | :19:17. | |
Tom, our producer. He needs to put the phone down and do some work! I | :19:18. | :19:21. | |
am in no position to criticise. I took the dog out for a walk this | :19:22. | :19:26. | |
morning and the dog was not impressed to see me pointing the | :19:27. | :19:29. | |
phone at the Pokemon. But it can be such a lucrative business. In the | :19:30. | :19:34. | |
short term, one of the features of the Japanese deal is that it has | :19:35. | :19:43. | |
done a deal with the American company -- McDonald's has done a | :19:44. | :19:48. | |
deal with the American company that started it, an illustration of how | :19:49. | :19:54. | |
lucrative it can be. And I heard that there is a new Pokemon dating | :19:55. | :19:59. | |
site, where you can find the love of your life! Where will it end? And it | :20:00. | :20:08. | |
has done well for the Nintendo share price, which has doubled. That may | :20:09. | :20:12. | |
be a slight overreaction. I think things were quiet and down on that | :20:13. | :20:17. | |
front. Talking of the titans of tech, Mark Zuckerberg, of course in | :20:18. | :20:22. | |
charge of Facebook, and Elon musk, the real-life iron man, some might | :20:23. | :20:28. | |
say the boss of Tesla, are vying for control? These are two random | :20:29. | :20:32. | |
events, but they tell a tale of tech titans with huge ambitions. Facebook | :20:33. | :20:40. | |
has revealed that it has flown its first drone, aimed at beaming the | :20:41. | :20:43. | |
internet and to developing countries. This is painted as a big | :20:44. | :20:46. | |
philanthropic gesture. These drones will fly at 60,000 to 90,000 feet | :20:47. | :20:51. | |
above villages in sub-Saharan Africa for three months at a time. It is an | :20:52. | :20:57. | |
extraordinary feat if it happens. It is still some years away. We have | :20:58. | :21:01. | |
only had a test flight so far over Arizona. It sounds a wonderful | :21:02. | :21:08. | |
gesture, but of course, Mark Zuckerberg is vying with Google, who | :21:09. | :21:12. | |
are trying to do the same thing. They are flying balloons over | :21:13. | :21:15. | |
developing countries. So that is his bid for global domination of the | :21:16. | :21:22. | |
internet. Don't forget, in lots of places, Facebook almost equals the | :21:23. | :21:26. | |
internet in people's minds, so he will be reinforcing the impression. | :21:27. | :21:35. | |
Elon Musk twitted the other day, I am pulling an all nighter to finish | :21:36. | :21:40. | |
off my master plan. What will it be this time? He has talked about | :21:41. | :21:43. | |
becoming an interplanetary species. Is he going to fly us all to Mars? | :21:44. | :21:51. | |
He is a serial opener. In the end, it was bold, but not crazy. He is | :21:52. | :21:54. | |
going to put a lot more into solar power. He wants us all to have solar | :21:55. | :22:00. | |
roofs that power our batteries. He wants to make electric cars | :22:01. | :22:03. | |
affordable for all across a range of vehicles, and he has this idea that | :22:04. | :22:08. | |
we may not need to own one, we will just be able to summon one to drive | :22:09. | :22:12. | |
up to us and take us away. So he will wipe out over at the same time. | :22:13. | :22:18. | |
He is doing it all, Elon Musk. Thanks, Rory. That story we | :22:19. | :22:23. | |
mentioned earlier, Roger Earls has resigned as the Fox News Channel's | :22:24. | :22:27. | |
chairman and chief executive following accusations of sexual | :22:28. | :22:32. | |
harassment. Earlier today, we spoke to Joe Flint from the Wall Street | :22:33. | :22:34. | |
Journal about this. His departure will be a huge blow for the channel. | :22:35. | :22:41. | |
The organisation is all about him, and he put it together and knows | :22:42. | :22:46. | |
where all the bodies are buried. It will be tough to replace him, to win | :22:47. | :22:53. | |
over the loyalty of the people he has in place. There are going to be | :22:54. | :22:57. | |
seismic changes at this channel over the next few years. Rupert Murdoch's | :22:58. | :23:00. | |
decision to take the acting chairman role, I think, is smart. He is | :23:01. | :23:06. | |
trying to send a message to the Fox News team of how important this | :23:07. | :23:09. | |
channel is to him, that he is aware of what a big deal it is for Roger | :23:10. | :23:15. | |
not to be there, and that his hand is still on the steering wheel. The | :23:16. | :23:19. | |
channel has been doing so well, I don't want to suggest it runs on | :23:20. | :23:22. | |
automatic pilot, it is accommodated operation, with Roger there, | :23:23. | :23:28. | |
everyone knew their role and how to execute it, and I think Rupert hopes | :23:29. | :23:34. | |
to keep that stability there, while at the same time try to determine | :23:35. | :23:36. | |
who is best to run its going forward. . We will have to see what | :23:37. | :23:46. | |
happens. Jane is here to talk through the business pages. Let's | :23:47. | :23:49. | |
begin with this story that picked our interest in the Telegraph. It is | :23:50. | :23:56. | |
entitled huge investor revolt at Babcock over bonuses for retiring | :23:57. | :24:02. | |
bosses. It raises the question of golden handshakes. Are they ever | :24:03. | :24:06. | |
well-deserved? Well, the performance of the Babcock share price has been | :24:07. | :24:11. | |
phenomenal since the management team or the individuals concerned joined | :24:12. | :24:18. | |
the company. That is the engineering services and support services for | :24:19. | :24:21. | |
the defence industry. So support has been tremendous. The worry is, are | :24:22. | :24:26. | |
they being involved in an incentive scheme in which they are not | :24:27. | :24:30. | |
participating actively, that they are not working and contributing to | :24:31. | :24:34. | |
the performance over the coming two or three years this year? It is a | :24:35. | :24:41. | |
question of, is it a reward for current effort or just historic | :24:42. | :24:47. | |
performance? It is difficult, because what is it that shareholders | :24:48. | :24:53. | |
want her? If you have a 12,000% returned since the guy has been in | :24:54. | :24:57. | |
tenure since 2003, what more could you want? Surely you should be | :24:58. | :25:04. | |
rewarding performance. But the issue is, are you rewarding performance | :25:05. | :25:07. | |
currently for someone who is in work, or are you awarding it | :25:08. | :25:11. | |
posthumously? There has been a move to reward chief executives for | :25:12. | :25:15. | |
current work and current incentivising, rather than a track | :25:16. | :25:21. | |
record. So there has been a shift during the period when they have | :25:22. | :25:25. | |
been working for Babcock. Another story we noticed was this one in | :25:26. | :25:30. | |
Bloomberg, talking about Denmark's housing market. This is about the | :25:31. | :25:37. | |
largest mortgage back in Denmark, saying the housing market is out of | :25:38. | :25:42. | |
control? This is due to negative interest rates. Rates have been | :25:43. | :25:46. | |
negative in Denmark for the last four years, which means it costs | :25:47. | :25:49. | |
practically nothing to borrow money, so people will borrow as much as | :25:50. | :25:53. | |
they can. And of course, if the housing market then starts to fall | :25:54. | :25:58. | |
later, there will be negative consequences. Really good to talk to | :25:59. | :26:04. | |
you. That is it from Business Live today. Plenty more on the website | :26:05. | :26:07. | |
and world business report. See you soon. | :26:08. | :26:10. |