23/08/2016 BBC Business Live


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women who start a family face lower wages than men after returning to


work from maternity leave. We will assess why.


Whilst the pay gap between men and women is getting smaller overall,


women who start a family still face a discrimination. We will look at


why and what has been done to tackle it. And Olympic sponsors drop Ryan


Lochte after he lied about being robbed at gunpoint. From the Olympic


Park in London to New York's magnificent high Lane. We'll be


speaking to the boss of the company transforming our favourite cities.


And, can Ryan Lochte rescue his damaged reputation? Get in touch.


Let us know what you think. Four big sponsors parting ways. Let us know.


A leading think tank has issued a report about what it calls the


mother who'd pay penalty. The dash mother who'd pay penalty. It says


disparity is still pretty small but if women decide to have a child the


gap widens substantially. They find that over 12 years and women will be


paid a third less than their counterparts. The report says the


wage gap has now fallen but despite that other analysis finds it will


take 118 years to close the global gender gap, assuming that progress


continues at the current rate. I'm joined by the Assistant Professor of


financial management at the business school, I'm assuming you're not


surprised by this research at all. Not at all. It's an interesting


happened across all educational happened across all educational


levels so it is for women that have an undergraduate or a Masters


degree. As they enter the Labour force, the gender gap is very small


but as they keep working, that's when we start to identify a large


wage gap. It's that interruption, it does not matter how long it is,


necessarily. Exactly. When the first child appears, women take time off


work, the interop their career, they accumulate less experience. One of


the sources of this wage gap is the experience. As they accumulate less


experience it goes down. The reason they take that break is because they


start to have children. For some women as well, they are caring for


elderly relatives. There might be many reasons. Why are we not seeing


progress in this area. Many would progress in this area. Many would


argue it is a very old debate and some are saying we need to move on


and what is stopping us? We need change on two fronts, companies to


be more aware of that and to facilitate women to have career


paths, even when they have kids, to make it not a roadblock to the


career progression of women. As well, there are some options to be


aware of in the household, to minimise interruptions and to have


cooperation within the families. Across the world it is a very


different problem and it is not just about policy business, but about


cultural issues as well. We can see that there are different barriers of


entry between Japan and Norway but in both countries there is a gender


gap so where does this come from? I think the common thread are social


norms, the aspirations of women to keep working whilst they are raising


their kids, to have a fulfilling job and an ambitious career, so I think


that in that respect, social norms have a very strong effect on the


desires of women to pursue a career and keep working. Thank you for your


claim. There is so much more on this story on our website. Take a look if


you up to other news because Pfizer you up to other news because Pfizer


has confirmed they will be buying Medivation for $14 billion. They


have agreed to pay $81 per share which is $21 premium on the closing


share price. Profits in Petronas share price. Profits in Petronas


fell 96%. They've been hit hard by oil prices. The firm have already


been planning a restructuring of the business with the loss of 1000 jobs.


Not often we talk about speedos but Not often we talk about speedos but


Ryan Lochte has lost all of his major sponsors after falsely


claiming he was robbed at gunpoint in Rio de Janiero.


Fashion company rough around have also dropped the athletes. I'm sure


we will speak about speedos again. Say no more. Let's have a look at


the business live page and check out the other stories. Company in the


UK, today reporting a 15% jump in profits. That's a full house. You


have missed us. It is lovely to be back. Let's talk about Japan.


Manufacturing activity showing some signs of life, a glimmer of hope. It


is welcome news for investors after a slump earlier in the year.


Bringing us up-to-date because as Sally says, a glimmer of hope. Yes,


and it is just a glimmer. A reading below 50 indicates contraction so on


the face of it it is not really such a great number but it is up from


last month and it has been trending up from about may. There is some


hope that the assembly lines are swinging back into action. It did


not excite investors too much. It has been a lacklustre day, no index


has moved more than 1%. South Korea and Australia were up slightly.


Emerging markets, Indonesia, the Philippines, were down. Investors


are indulging in one of their favourite sports, watching the Fed.


They will see whether the forthcoming speech will shed any


light on where interest rates make ahead. Yes, that will be later this


week. Just waiting to see what happens there. That's what happened


more in a moment. Just to show you more in a moment. Just to show you


it is a wait-and-see approach before it is a wait-and-see approach before


we get anything from the Fed. Some reassurance that the data was better


than many had expected and that is why for now, markets with OK but we


will talk about that in more detail. Let's head to the United States.


Have you had your coffee yet? Well, JM Smucker has said they are facing


problems from competition from coffee pods. But it is expected to


housing information, low mortgage housing information, low mortgage


rates continue to fuel demand for housing. Investors will want to hear


an update on the forecast. Finally, new data is out on Monday. It is


expected to fall by 2% last month. The anticipated drop will leave this


just above average. Nice to see you, Brenda.


Talking about it in Asia, everybody is looking ahead to this annual


symposium on Friday. Can we expect a lot of new information this time? It


might be a mixed information, which is what we've become accustomed to.


We could see an interest rate hike in September and I think markets


will be looking for some kind of confirmation. Getting mixed


course, you've got the presidential course, you've got the presidential


election in November. Quite a small window for the Fed to act. There is


such an interesting divergences in such an interesting divergences in


terms of interest rates. We're talking about rates being slashed to


zero and yet in the US they are keen to start raising them. That is going


to be so interesting over the next couple of years. It certainly is.


When you look at the Euro and the yen, they've actually increased.


Those central banks will be happy to see the Federal reserve actually


move and strengthened. Again, it is very uncertain. Some elements are


red hot and others are on the back foot and it is very much about


getting a balance. As clear as mud. getting a balance. As clear as mud.


Thank you very much. Keep your comments coming in. Whether sponsors


right to drop Ryan Lochte? They will be dropping me shortly... Still to


come, is it possible to solve problems of overcrowding by


designing our cities better? We will be meeting the man who says we can.


First, one of the UK's biggest house-builders says customer


interest has remained robust since the referendum. It has reported a


29% rise in tax profits. Our economics correspondent has the


details. In the wake of that vote, there was a big fall in share price.


They've bounced back. Indeed. This is what has happened over the last


six months. You can see the big decline in the immediate aftermath.


Since then it has climbed back a long way. Not all the way. The


results themselves don't cover more than a week of the period after the


referendum but what is more revealing is the commentary about


what happened in the course of July. He says the result of the referendum


has increased economic uncertainty but customer interest has been


robust, and private reservations are also up 17% over the same period


last year. He's anticipating a good sales season after the quiet summer


period. Will that be affected by the timetable of the exit? In terms of


the wider economic impact, the precise terms of the exit I going to


be important factors for a lot of businesses. Perhaps less so for a


business like persimmon, but for those involved in exporting, the


precise terms of access are going to be important and we won't know those


for some time yet. Thanks very much. Also making the headlines, Asda is


losing market share. It has fallen 5.5% in 12 weeks. Familiar tale, the


discount sales are doing well. What you've got to remember is the


discount rivals are so small and peered to the likes of the big four


but nonetheless there is some tough competition for the retailers.


You're watching Business Live - our top story:


New research says women who start a family will become


progressively worse off compared to their male counterparts.


The study says 12 years after the birth of her first child,


a mother will be paid a third less than her male colleagues.


We have been looking at why. My eldest son would be 11 on Friday,


so I'm coming out, in 12 months it will be 12 years, I hope for a pay


rise! You might be waiting a while, we all


will! A quick look at what the markets are


doing. The FTSE 100 bouncing back a little bit, better than expected


economic data as helped that. Support for the pound in the wake of


that better-than-expected figure. Now, have you ever wondered


what makes some towns and cities work properly,


and others are mired in traffic gridlock,


pollution and overcrowding? The United Nations says more


than half of the world's population currently lives in urban areas,


and that's expected So to deal with the rise, cities


are having to rethink how they plan, design and build roads,


railways and buildings. BuroHappold is an engineering


company that helps do just that, working on urban


development projects. Most recently, they've consulted


on the redevelopment of the Battersea Power Station


in London - a huge redevelopment project of transport,


housing and retail, And the boss, Roger Nickells,


is with us in the studio. Welcome to the programme. It really


is fascinating, because, as we have mentioned with those statistics, the


number of us living in cities is growing by the day, and yet these


cities are having to develop and evolved to cope with the influx.


Absolutely, CDs today are more under pressure than ever before and as a


result they have got big challenges around infrastructure and how it


works, around providing real economies for people to work and


engage, and also dealing with huge social inequalities, really complex


challenges. Every city leader is faced with a different mix depending


on where their city sits across the globe. And when you throw into that


the shocks that inevitably happen around large-scale climate driven


events and things like that, you see this need for cities to be able to


plan and react and deal with things. That is what we are fixated on as


engineers, we are passionate about trying to find solutions to these


complex problems in city environments. On a personal level it


is clear why you would want to cut congestion, improve pollution and


housing and all of that, but from a business point of view, big


organisations will look around the world and say, we will not set up in


that city because the traffic is terrible, pollution is terrible, the


staff will not want to live there. Absolutely, trying to think about


where to invest and spend money to deal with those issues is a


challenge. When you throw into that the need for security and safety,


for people to feel secure and safe, resilience is such a big issue, this


ability to design a city to respond to shock. We have got some pictures


of the project in London, the Battersea Power Station. That has


been mired in controversy for years in terms of whether it would be


developed, what it would be used for. You can see residential


property is being built around it. What goes through your mind when


planning a project of this scale? On a large-scale project like this, it


is about matching the economic ambitions that the investor has and


also the way that a large-scale project reacts and drives the


community around it. A similar project to Battersea, the Olympic


regeneration, what that has done to reform Stratford, our work on that


project, taking a derelict site through to now, the environment


after the Olympics, creating new environments for all sorts of


developments, fascinating impact that positive design can have. In


terms of where you have worked, a diverse range of cities, London,


Detroit, Mumbai, Dubai, some magnificent, really enormous project


in every sense of the word. To what extent are these projects driven by


the funding and the money? With anything like Olympics regeneration


or the Battersea Power Station, there is always the question about


who is going to pay for it, whether it is the taxpayer or Private


investment, whether it is coming from China or what. It is really


difficult to find the balance that drives the economic response.


Infrastructure, spending on energy, those sorts of things are key, and


we have got an interesting tool, a resilience insight tool for city


leaders which sits on our website to enable anyone to look at their city


and work out what those priorities might be for them to make sure their


city has invested properly. You touched on natural disasters really


exposing the weaknesses in a city infrastructure, what lessons do


cities learn? We talked about Hurricane Sandy in New York,


evacuating after million people, the infrastructure, the subway had


stopped, how do you plan for that? It is difficult to plan but you look


first-hand at the mitigations you can put in place and what resources


exist to deal with the response. Hurricane Sandy in New York, a


classic example, the strength of the local communities coming together to


do simple things like creating mobile spots for people to land,


that CT response was what enabled New York to recover so quickly. It


has been great to have you on the programme, really interesting.


Thanks for coming in. While we are on the subject, talking about city


living, getting on the property ladder can be difficult wherever you


are in the world. But in Australia the property dream


is slipping away for many. It's now the world's third least


affordable place to buy after prices there have risen by more


than a third in the past five years. Our correspondent Phil Mercer


reports from Sydney. Competition for this property that


lies about half-an-hour drive from the centre of Sydney


has been intense. House prices in Australia's most


expensive city have soared by almost And many prospective buyers fear


being priced out of the market. We have a new baby and keep looking


on the market to find It's quite demoralising


at the moment. A coalition of charities wants to go


into partnership with first-time buyers who otherwise would be


locked out of the market. You take out a mortgage


for your share and the community housing provider will pay the rest


of a mortgage on that property. And, at some point, if your income


goes up, you can actually what we say is "staircase


up", buy another slice With a young family to support,


Claude Robinson, whose salary is above the national average,


says a shared ownership scheme is his only chance


of buying a home in Sydney, I earn a decent wage


of about $85,000 a year, but to try and support my family,


pay my rent and get a 10% deposit The old Australian dream of owning


a home is not a reality any more. That was a report by Phil Mercer


looking at the difficulties faced Brenda is back with us to discuss


the stories in the press. Everyone is talking about Ryan Moxie and the


fact his sponsors are dumping him like a hot potato. This is the US


Olympic swimmer who lied about what happened when he was in Rio for the


Olympics. Luke says, the sponsors were right


to drop Ryan Lochte for claimed, if he had not done that the sponsor


would be with him. Another says, he should be stripped


of his medals to send a message to others.


Brenda, your thoughts? I suppose it is one way of cracking down on


people who exaggerate the truth, and Ryan Lochte has lost a lot of


sponsorship. A Japanese sponsor dropped him last night. The likes of


speedo, the big ones. During this small window of being an athlete,


getting these endorsements and sponsorship deals is difficult in


the first place, and to lose them and get them back would be even more


difficult. Let's talk about Barbara Streisand,


we picked the Guardian but this is everywhere. She called Tim Cook, the


boss of Apple, to complain about how Siri pronounces her name! I have


been pronouncing it wrong all along! It is Streisand, not Strei-zand. She


called Tim Cook to get it fixed. He will do it in the end of September


update. Brenda, thank you for coming in, lovely to see you again.


Same time, same place. He will not be here, though, he will be doing


breakfast! See goodbye.


As you have probably heard, it is hotting up, but not for all.


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