:00:00. > :00:00.women who start a family face lower wages than men after returning to
:00:07. > :00:19.work from maternity leave. We will assess why.
:00:20. > :00:27.Whilst the pay gap between men and women is getting smaller overall,
:00:28. > :00:30.women who start a family still face a discrimination. We will look at
:00:31. > :00:43.why and what has been done to tackle it. And Olympic sponsors drop Ryan
:00:44. > :00:53.Lochte after he lied about being robbed at gunpoint. From the Olympic
:00:54. > :00:58.Park in London to New York's magnificent high Lane. We'll be
:00:59. > :01:06.speaking to the boss of the company transforming our favourite cities.
:01:07. > :01:22.And, can Ryan Lochte rescue his damaged reputation? Get in touch.
:01:23. > :01:39.Let us know what you think. Four big sponsors parting ways. Let us know.
:01:40. > :01:45.A leading think tank has issued a report about what it calls the
:01:46. > :01:49.mother who'd pay penalty. The dash mother who'd pay penalty. It says
:01:50. > :01:58.disparity is still pretty small but if women decide to have a child the
:01:59. > :02:03.gap widens substantially. They find that over 12 years and women will be
:02:04. > :02:07.paid a third less than their counterparts. The report says the
:02:08. > :02:12.wage gap has now fallen but despite that other analysis finds it will
:02:13. > :02:23.take 118 years to close the global gender gap, assuming that progress
:02:24. > :02:28.continues at the current rate. I'm joined by the Assistant Professor of
:02:29. > :02:37.financial management at the business school, I'm assuming you're not
:02:38. > :02:43.surprised by this research at all. Not at all. It's an interesting
:02:44. > :02:48.happened across all educational happened across all educational
:02:49. > :02:52.levels so it is for women that have an undergraduate or a Masters
:02:53. > :02:57.degree. As they enter the Labour force, the gender gap is very small
:02:58. > :03:09.but as they keep working, that's when we start to identify a large
:03:10. > :03:15.wage gap. It's that interruption, it does not matter how long it is,
:03:16. > :03:20.necessarily. Exactly. When the first child appears, women take time off
:03:21. > :03:26.work, the interop their career, they accumulate less experience. One of
:03:27. > :03:37.the sources of this wage gap is the experience. As they accumulate less
:03:38. > :03:43.experience it goes down. The reason they take that break is because they
:03:44. > :03:51.start to have children. For some women as well, they are caring for
:03:52. > :03:55.elderly relatives. There might be many reasons. Why are we not seeing
:03:56. > :04:03.progress in this area. Many would progress in this area. Many would
:04:04. > :04:10.argue it is a very old debate and some are saying we need to move on
:04:11. > :04:13.and what is stopping us? We need change on two fronts, companies to
:04:14. > :04:18.be more aware of that and to facilitate women to have career
:04:19. > :04:24.paths, even when they have kids, to make it not a roadblock to the
:04:25. > :04:31.career progression of women. As well, there are some options to be
:04:32. > :04:40.aware of in the household, to minimise interruptions and to have
:04:41. > :04:47.cooperation within the families. Across the world it is a very
:04:48. > :04:52.different problem and it is not just about policy business, but about
:04:53. > :04:55.cultural issues as well. We can see that there are different barriers of
:04:56. > :04:59.entry between Japan and Norway but in both countries there is a gender
:05:00. > :05:05.gap so where does this come from? I think the common thread are social
:05:06. > :05:09.norms, the aspirations of women to keep working whilst they are raising
:05:10. > :05:17.their kids, to have a fulfilling job and an ambitious career, so I think
:05:18. > :05:25.that in that respect, social norms have a very strong effect on the
:05:26. > :05:30.desires of women to pursue a career and keep working. Thank you for your
:05:31. > :05:37.claim. There is so much more on this story on our website. Take a look if
:05:38. > :05:49.you up to other news because Pfizer you up to other news because Pfizer
:05:50. > :05:57.has confirmed they will be buying Medivation for $14 billion. They
:05:58. > :05:59.have agreed to pay $81 per share which is $21 premium on the closing
:06:00. > :06:12.share price. Profits in Petronas share price. Profits in Petronas
:06:13. > :06:18.fell 96%. They've been hit hard by oil prices. The firm have already
:06:19. > :06:21.been planning a restructuring of the business with the loss of 1000 jobs.
:06:22. > :06:28.Not often we talk about speedos but Not often we talk about speedos but
:06:29. > :06:31.Ryan Lochte has lost all of his major sponsors after falsely
:06:32. > :06:43.claiming he was robbed at gunpoint in Rio de Janiero.
:06:44. > :06:54.Fashion company rough around have also dropped the athletes. I'm sure
:06:55. > :07:00.we will speak about speedos again. Say no more. Let's have a look at
:07:01. > :07:17.the business live page and check out the other stories. Company in the
:07:18. > :07:26.UK, today reporting a 15% jump in profits. That's a full house. You
:07:27. > :07:32.have missed us. It is lovely to be back. Let's talk about Japan.
:07:33. > :07:39.Manufacturing activity showing some signs of life, a glimmer of hope. It
:07:40. > :07:45.is welcome news for investors after a slump earlier in the year.
:07:46. > :07:58.Bringing us up-to-date because as Sally says, a glimmer of hope. Yes,
:07:59. > :08:02.and it is just a glimmer. A reading below 50 indicates contraction so on
:08:03. > :08:05.the face of it it is not really such a great number but it is up from
:08:06. > :08:19.last month and it has been trending up from about may. There is some
:08:20. > :08:24.hope that the assembly lines are swinging back into action. It did
:08:25. > :08:30.not excite investors too much. It has been a lacklustre day, no index
:08:31. > :08:38.has moved more than 1%. South Korea and Australia were up slightly.
:08:39. > :08:41.Emerging markets, Indonesia, the Philippines, were down. Investors
:08:42. > :08:49.are indulging in one of their favourite sports, watching the Fed.
:08:50. > :08:54.They will see whether the forthcoming speech will shed any
:08:55. > :09:01.light on where interest rates make ahead. Yes, that will be later this
:09:02. > :09:07.week. Just waiting to see what happens there. That's what happened
:09:08. > :09:10.more in a moment. Just to show you more in a moment. Just to show you
:09:11. > :09:17.it is a wait-and-see approach before it is a wait-and-see approach before
:09:18. > :09:21.we get anything from the Fed. Some reassurance that the data was better
:09:22. > :09:25.than many had expected and that is why for now, markets with OK but we
:09:26. > :09:44.will talk about that in more detail. Let's head to the United States.
:09:45. > :09:49.Have you had your coffee yet? Well, JM Smucker has said they are facing
:09:50. > :09:54.problems from competition from coffee pods. But it is expected to
:09:55. > :10:05.housing information, low mortgage housing information, low mortgage
:10:06. > :10:13.rates continue to fuel demand for housing. Investors will want to hear
:10:14. > :10:19.an update on the forecast. Finally, new data is out on Monday. It is
:10:20. > :10:35.expected to fall by 2% last month. The anticipated drop will leave this
:10:36. > :10:38.just above average. Nice to see you, Brenda.
:10:39. > :10:48.Talking about it in Asia, everybody is looking ahead to this annual
:10:49. > :10:56.symposium on Friday. Can we expect a lot of new information this time? It
:10:57. > :11:05.might be a mixed information, which is what we've become accustomed to.
:11:06. > :11:07.We could see an interest rate hike in September and I think markets
:11:08. > :11:20.will be looking for some kind of confirmation. Getting mixed
:11:21. > :11:23.course, you've got the presidential course, you've got the presidential
:11:24. > :11:29.election in November. Quite a small window for the Fed to act. There is
:11:30. > :11:33.such an interesting divergences in such an interesting divergences in
:11:34. > :11:37.terms of interest rates. We're talking about rates being slashed to
:11:38. > :11:41.zero and yet in the US they are keen to start raising them. That is going
:11:42. > :11:48.to be so interesting over the next couple of years. It certainly is.
:11:49. > :11:53.When you look at the Euro and the yen, they've actually increased.
:11:54. > :12:02.Those central banks will be happy to see the Federal reserve actually
:12:03. > :12:06.move and strengthened. Again, it is very uncertain. Some elements are
:12:07. > :12:08.red hot and others are on the back foot and it is very much about
:12:09. > :12:17.getting a balance. As clear as mud. getting a balance. As clear as mud.
:12:18. > :12:24.Thank you very much. Keep your comments coming in. Whether sponsors
:12:25. > :12:30.right to drop Ryan Lochte? They will be dropping me shortly... Still to
:12:31. > :12:35.come, is it possible to solve problems of overcrowding by
:12:36. > :12:44.designing our cities better? We will be meeting the man who says we can.
:12:45. > :12:49.First, one of the UK's biggest house-builders says customer
:12:50. > :12:59.interest has remained robust since the referendum. It has reported a
:13:00. > :13:05.29% rise in tax profits. Our economics correspondent has the
:13:06. > :13:13.details. In the wake of that vote, there was a big fall in share price.
:13:14. > :13:17.They've bounced back. Indeed. This is what has happened over the last
:13:18. > :13:22.six months. You can see the big decline in the immediate aftermath.
:13:23. > :13:31.Since then it has climbed back a long way. Not all the way. The
:13:32. > :13:38.results themselves don't cover more than a week of the period after the
:13:39. > :13:41.referendum but what is more revealing is the commentary about
:13:42. > :13:47.what happened in the course of July. He says the result of the referendum
:13:48. > :13:56.has increased economic uncertainty but customer interest has been
:13:57. > :14:01.robust, and private reservations are also up 17% over the same period
:14:02. > :14:09.last year. He's anticipating a good sales season after the quiet summer
:14:10. > :14:18.period. Will that be affected by the timetable of the exit? In terms of
:14:19. > :14:23.the wider economic impact, the precise terms of the exit I going to
:14:24. > :14:32.be important factors for a lot of businesses. Perhaps less so for a
:14:33. > :14:39.business like persimmon, but for those involved in exporting, the
:14:40. > :14:48.precise terms of access are going to be important and we won't know those
:14:49. > :14:54.for some time yet. Thanks very much. Also making the headlines, Asda is
:14:55. > :15:05.losing market share. It has fallen 5.5% in 12 weeks. Familiar tale, the
:15:06. > :15:10.discount sales are doing well. What you've got to remember is the
:15:11. > :15:14.discount rivals are so small and peered to the likes of the big four
:15:15. > :15:17.but nonetheless there is some tough competition for the retailers.
:15:18. > :15:19.You're watching Business Live - our top story:
:15:20. > :15:21.New research says women who start a family will become
:15:22. > :15:25.progressively worse off compared to their male counterparts.
:15:26. > :15:29.The study says 12 years after the birth of her first child,
:15:30. > :15:34.a mother will be paid a third less than her male colleagues.
:15:35. > :15:43.We have been looking at why. My eldest son would be 11 on Friday,
:15:44. > :15:47.so I'm coming out, in 12 months it will be 12 years, I hope for a pay
:15:48. > :15:50.rise! You might be waiting a while, we all
:15:51. > :15:56.will! A quick look at what the markets are
:15:57. > :15:57.doing. The FTSE 100 bouncing back a little bit, better than expected
:15:58. > :16:05.economic data as helped that. Support for the pound in the wake of
:16:06. > :16:12.that better-than-expected figure. Now, have you ever wondered
:16:13. > :16:14.what makes some towns and cities work properly,
:16:15. > :16:16.and others are mired in traffic gridlock,
:16:17. > :16:17.pollution and overcrowding? The United Nations says more
:16:18. > :16:21.than half of the world's population currently lives in urban areas,
:16:22. > :16:25.and that's expected So to deal with the rise, cities
:16:26. > :16:34.are having to rethink how they plan, design and build roads,
:16:35. > :16:39.railways and buildings. BuroHappold is an engineering
:16:40. > :16:42.company that helps do just that, working on urban
:16:43. > :16:44.development projects. Most recently, they've consulted
:16:45. > :16:47.on the redevelopment of the Battersea Power Station
:16:48. > :16:51.in London - a huge redevelopment project of transport,
:16:52. > :16:52.housing and retail, And the boss, Roger Nickells,
:16:53. > :17:06.is with us in the studio. Welcome to the programme. It really
:17:07. > :17:12.is fascinating, because, as we have mentioned with those statistics, the
:17:13. > :17:16.number of us living in cities is growing by the day, and yet these
:17:17. > :17:20.cities are having to develop and evolved to cope with the influx.
:17:21. > :17:24.Absolutely, CDs today are more under pressure than ever before and as a
:17:25. > :17:28.result they have got big challenges around infrastructure and how it
:17:29. > :17:34.works, around providing real economies for people to work and
:17:35. > :17:38.engage, and also dealing with huge social inequalities, really complex
:17:39. > :17:42.challenges. Every city leader is faced with a different mix depending
:17:43. > :17:48.on where their city sits across the globe. And when you throw into that
:17:49. > :17:52.the shocks that inevitably happen around large-scale climate driven
:17:53. > :17:58.events and things like that, you see this need for cities to be able to
:17:59. > :18:02.plan and react and deal with things. That is what we are fixated on as
:18:03. > :18:06.engineers, we are passionate about trying to find solutions to these
:18:07. > :18:11.complex problems in city environments. On a personal level it
:18:12. > :18:14.is clear why you would want to cut congestion, improve pollution and
:18:15. > :18:17.housing and all of that, but from a business point of view, big
:18:18. > :18:23.organisations will look around the world and say, we will not set up in
:18:24. > :18:27.that city because the traffic is terrible, pollution is terrible, the
:18:28. > :18:32.staff will not want to live there. Absolutely, trying to think about
:18:33. > :18:36.where to invest and spend money to deal with those issues is a
:18:37. > :18:41.challenge. When you throw into that the need for security and safety,
:18:42. > :18:48.for people to feel secure and safe, resilience is such a big issue, this
:18:49. > :18:52.ability to design a city to respond to shock. We have got some pictures
:18:53. > :18:56.of the project in London, the Battersea Power Station. That has
:18:57. > :18:59.been mired in controversy for years in terms of whether it would be
:19:00. > :19:02.developed, what it would be used for. You can see residential
:19:03. > :19:07.property is being built around it. What goes through your mind when
:19:08. > :19:11.planning a project of this scale? On a large-scale project like this, it
:19:12. > :19:17.is about matching the economic ambitions that the investor has and
:19:18. > :19:24.also the way that a large-scale project reacts and drives the
:19:25. > :19:27.community around it. A similar project to Battersea, the Olympic
:19:28. > :19:32.regeneration, what that has done to reform Stratford, our work on that
:19:33. > :19:36.project, taking a derelict site through to now, the environment
:19:37. > :19:41.after the Olympics, creating new environments for all sorts of
:19:42. > :19:45.developments, fascinating impact that positive design can have. In
:19:46. > :19:54.terms of where you have worked, a diverse range of cities, London,
:19:55. > :20:02.Detroit, Mumbai, Dubai, some magnificent, really enormous project
:20:03. > :20:08.in every sense of the word. To what extent are these projects driven by
:20:09. > :20:11.the funding and the money? With anything like Olympics regeneration
:20:12. > :20:15.or the Battersea Power Station, there is always the question about
:20:16. > :20:18.who is going to pay for it, whether it is the taxpayer or Private
:20:19. > :20:25.investment, whether it is coming from China or what. It is really
:20:26. > :20:29.difficult to find the balance that drives the economic response.
:20:30. > :20:34.Infrastructure, spending on energy, those sorts of things are key, and
:20:35. > :20:39.we have got an interesting tool, a resilience insight tool for city
:20:40. > :20:43.leaders which sits on our website to enable anyone to look at their city
:20:44. > :20:48.and work out what those priorities might be for them to make sure their
:20:49. > :20:53.city has invested properly. You touched on natural disasters really
:20:54. > :20:56.exposing the weaknesses in a city infrastructure, what lessons do
:20:57. > :21:04.cities learn? We talked about Hurricane Sandy in New York,
:21:05. > :21:06.evacuating after million people, the infrastructure, the subway had
:21:07. > :21:09.stopped, how do you plan for that? It is difficult to plan but you look
:21:10. > :21:14.first-hand at the mitigations you can put in place and what resources
:21:15. > :21:19.exist to deal with the response. Hurricane Sandy in New York, a
:21:20. > :21:22.classic example, the strength of the local communities coming together to
:21:23. > :21:27.do simple things like creating mobile spots for people to land,
:21:28. > :21:32.that CT response was what enabled New York to recover so quickly. It
:21:33. > :21:37.has been great to have you on the programme, really interesting.
:21:38. > :21:42.Thanks for coming in. While we are on the subject, talking about city
:21:43. > :21:43.living, getting on the property ladder can be difficult wherever you
:21:44. > :21:50.are in the world. But in Australia the property dream
:21:51. > :21:53.is slipping away for many. It's now the world's third least
:21:54. > :21:55.affordable place to buy after prices there have risen by more
:21:56. > :21:59.than a third in the past five years. Our correspondent Phil Mercer
:22:00. > :22:00.reports from Sydney. Competition for this property that
:22:01. > :22:02.lies about half-an-hour drive from the centre of Sydney
:22:03. > :22:04.has been intense. House prices in Australia's most
:22:05. > :22:07.expensive city have soared by almost And many prospective buyers fear
:22:08. > :22:16.being priced out of the market. We have a new baby and keep looking
:22:17. > :22:23.on the market to find It's quite demoralising
:22:24. > :22:29.at the moment. A coalition of charities wants to go
:22:30. > :22:31.into partnership with first-time buyers who otherwise would be
:22:32. > :22:36.locked out of the market. You take out a mortgage
:22:37. > :22:39.for your share and the community housing provider will pay the rest
:22:40. > :22:44.of a mortgage on that property. And, at some point, if your income
:22:45. > :22:47.goes up, you can actually what we say is "staircase
:22:48. > :22:49.up", buy another slice With a young family to support,
:22:50. > :22:57.Claude Robinson, whose salary is above the national average,
:22:58. > :23:00.says a shared ownership scheme is his only chance
:23:01. > :23:03.of buying a home in Sydney, I earn a decent wage
:23:04. > :23:14.of about $85,000 a year, but to try and support my family,
:23:15. > :23:17.pay my rent and get a 10% deposit The old Australian dream of owning
:23:18. > :23:26.a home is not a reality any more. That was a report by Phil Mercer
:23:27. > :23:41.looking at the difficulties faced Brenda is back with us to discuss
:23:42. > :23:46.the stories in the press. Everyone is talking about Ryan Moxie and the
:23:47. > :23:51.fact his sponsors are dumping him like a hot potato. This is the US
:23:52. > :23:55.Olympic swimmer who lied about what happened when he was in Rio for the
:23:56. > :24:00.Olympics. Luke says, the sponsors were right
:24:01. > :24:03.to drop Ryan Lochte for claimed, if he had not done that the sponsor
:24:04. > :24:08.would be with him. Another says, he should be stripped
:24:09. > :24:12.of his medals to send a message to others.
:24:13. > :24:16.Brenda, your thoughts? I suppose it is one way of cracking down on
:24:17. > :24:24.people who exaggerate the truth, and Ryan Lochte has lost a lot of
:24:25. > :24:29.sponsorship. A Japanese sponsor dropped him last night. The likes of
:24:30. > :24:33.speedo, the big ones. During this small window of being an athlete,
:24:34. > :24:36.getting these endorsements and sponsorship deals is difficult in
:24:37. > :24:39.the first place, and to lose them and get them back would be even more
:24:40. > :24:42.difficult. Let's talk about Barbara Streisand,
:24:43. > :24:50.we picked the Guardian but this is everywhere. She called Tim Cook, the
:24:51. > :25:02.boss of Apple, to complain about how Siri pronounces her name! I have
:25:03. > :25:06.been pronouncing it wrong all along! It is Streisand, not Strei-zand. She
:25:07. > :25:14.called Tim Cook to get it fixed. He will do it in the end of September
:25:15. > :25:17.update. Brenda, thank you for coming in, lovely to see you again.
:25:18. > :25:28.Same time, same place. He will not be here, though, he will be doing
:25:29. > :25:52.breakfast! See goodbye.
:25:53. > :25:54.As you have probably heard, it is hotting up, but not for all.